Contagion and loss redistribution in crypto asset markets
扩展了Eisenberg和Noe的模型，用于分析混合DeFi/CeFi网络中的冲击传播和损失再分配，帮助理解DeFi贷款无追索权特性带来的风险。
This paper addresses the growing concern of shock propagation in crypto asset markets. The integration of conventional financial institutions (CeFi) and decentralized financial protocols (DeFi) has introduced a set of complexities that are not adequately accounted for in current models. We build on the well-established framework by Eisenberg and Noe (2001) and propose a generalized extension that can be applied to mixed DeFi/CeFi networks. Our model serves as a tool for comprehending potential contagion channels and loss redistribution resulting from the non-recourse nature of DeFi loans.